News

New Down Payment Assistance Program Aims to Shrink Affordability Gap for Montana Homebuyers

Thursday, July 20, 2017/Categories: Housing Division, MBOH Homeownership

HELENA, Mont. – Montana homebuyers now have a new tool available to help make homeownership a reality. The Montana Board of Housing at the Montana Department of Commerce has launched the MBOH Plus 0% Deferred Down Payment Assistance Program, or MBOH Plus, created to make purchasing a home easier with down payment and closing costs assistance.

“Nearly 70 percent of renters claim that down payments are a greater barrier to homeownership than debt, job security and qualifying for a mortgage,” Commerce Director Pam Haxby-Cote said. “The MBOH Plus program will help more Montana renters become homeowners which boosts our economy and provides long-term housing stability for more Montanans.”

In Montana, homebuyers can usually afford a monthly mortgage payment but can struggle to save enough money for a down payment and to pay closing costs. Many of these borrowers face an "affordability gap," the difference between what they can afford to purchase and the actual cost of buying a home.

The MBOH Plus, a statewide program, provides eligible homebuyers with up to $6,500 of deferred funding to help with down payment and closing costs. This assistance is offered through a second mortgage loan that has no monthly payment, and is due and payable upon the sale of the property with the payoff of the main mortgage loan.

For more information visit housing.mt.gov or call (406) 841-2840.

 
Print
Tags:

Name:
Email:
Subject:
Message:
x

COMMUNITY DEVELOPMENT DIVISION | MONTANA DEPARTMENT OF COMMERCE
301 S PARK AVENUE | PO BOX 200523 | HELENA, MT 59620-0523 | P: (406) 841-2770 | F: (406) 841-2771 | TDD: (406) 841-2702